NEW YORK -- Vivendi says it will sell SFR, the No. 2 mobile phone operator in France, to media company Altice in a deal that could be worth up to $19.5 billion.
Vivendi says it accepted a bid worth 13.5 billion euros ($18.5 billion). The deal also includes additional payments of up to 750 million euros ($1.03 billion). Vivendi will keep a 20 percent stake in SFR but says it may sell those holdings at a later date.
Altice owns the French cable operator Numericable.
Vivendi wants to focus on its other businesses, Universal Music Group and Canal+ pay television.
The French company entered exclusive negotiations with Altice in March. The conglomerate Bouygues also wanted to buy SFR, offering as much as 15 billion euros ($20.6 billion) Friday.
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